Bitcoin Could Hit $150,000 by September, Says Crypto Trader Peter Brandt
Summary:
Crypto trader Peter Brandt predicts Bitcoin (BTC) could hit a cycle high between $130,000 and $150,000 by late August or early September based on its pattern in past post-halving bull markets. Brandt's analysis posits halving events, which halve mining rewards every four years, as important markers in bull market cycles. However, he notes a 25% chance that Bitcoin may already have peaked and warns of an "exponential collapse" if it falls below $55,000.
Crypto expert Peter Brandt predicts that Bitcoin (BTC) could attain a cycle high of $130,000 to $150,000 around late August or early September if the pattern of past post-halving bull markets continues. The recent Bitcoin halving on April 20, a programmed event that takes place around every four years reducing mining rewards by 50%, has historically signaled a perfect symmetry within previous bull market cycles, Brandt stated in a report from June 2. He pointed out that Bitcoin halving events typically occur near the mid-point of a bull market's initiation and its peak. Pursuant to Brandt's evaluation, the last Bitcoin bull market began around 16 months prior to the May 11, 2020 halving and concluded nearly 18 months later. Similar patterns were seen in the two previous halvings on July 9, 2016, and November 28, 2012. Chart showing Bitcoin halving dates and forecasted bull cycle starts and peaks. Source: Peter Brandt. He projected that "if this sequence persists, the subsequent bull market cycle high should materialize in late August or early September 2025." But he warned that "no analytical method is infallible" for predicting Bitcoin's cycle high, though past highs have followed a comparable growth pattern. If this pattern proceeds, he estimates a bull market high of around $130,000 to $150,000. Brandt's analysis dated the current bull market's commencement as December 17, 2022, when BTC was trading around $16,800. However, its value has since increased over 300% to hit $67,882 according to Cointelegraph Markets Pro data. But Bitcoin has slid from its peak on March 14 of $73,679, and Brandt thinks there's a 25% possibility that Bitcoin has already reached its bull market peak given each bull cycle's gains are dwindling relative to the preceding one. If BTC doesn't set a new high and falls under $55,000, Brandt suggests he would elevate the likelihood that the digital currency is witnessing an "exponential collapse." A recent report alleges that the price list of a celebrity involved with the Caitlyn Jenner meme coin 'mastermind' has been leaked.
Published At
6/3/2024 3:08:02 AM
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